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Blackline (NASDAQ:BL) Sets New 12-Month High on Analyst Upgrade

Last updated on Tuesday, June 30th, 2020 by MarketBeat

Blackline Inc (NASDAQ:BL) shares hit a new 52-week high during trading on Tuesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $92.00 price target on the stock. Blackline traded as high as $84.99 and last traded at $81.73, with a volume of 1797700 shares trading hands. The stock had previously closed at $81.73.

According to Zacks, "BlackLine, Inc. is a provider of cloud-based solutions for Finance & Accounting which centralize and streamline financial close operations and other key F&A processes for midsize and large organizations. BlackLine, Inc. is headquartered in Los Angeles, California. "

Other equities analysts also recently issued reports about the company. Piper Sandler raised their price target on Blackline from $69.00 to $78.00 and gave the stock an "overweight" rating in a research note on Thursday, May 28th. ValuEngine downgraded Blackline from a "buy" rating to a "hold" rating in a research note on Friday, May 1st. Robert W. Baird raised their price target on Blackline from $70.00 to $90.00 and gave the stock an "outperform" rating in a research note on Thursday, June 18th. Goldman Sachs Group raised their price target on Blackline from $54.00 to $71.00 in a research note on Monday. Finally, Oppenheimer raised their price target on Blackline from $63.00 to $70.00 and gave the stock an "outperform" rating in a research note on Thursday, May 14th. One analyst has rated the stock with a sell rating, two have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of "Buy" and an average price target of $71.89.

In related news, Director Mario Spanicciati sold 66,356 shares of the firm's stock in a transaction on Monday, May 4th. The stock was sold at an average price of $58.07, for a total value of $3,853,292.92. Following the transaction, the director now directly owns 18,347 shares of the company's stock, valued at approximately $1,065,410.29. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mark Partin sold 10,000 shares of the firm's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $80.90, for a total value of $809,000.00. Following the sale, the chief financial officer now directly owns 109,588 shares in the company, valued at $8,865,669.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,926 shares of company stock worth $7,743,589. 13.44% of the stock is owned by insiders.

A number of large investors have recently bought and sold shares of the business. Kayne Anderson Rudnick Investment Management LLC raised its holdings in Blackline by 0.8% during the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,966,167 shares of the technology company's stock valued at $204,496,000 after acquiring an additional 32,413 shares during the period. Artisan Partners Limited Partnership raised its holdings in Blackline by 27.7% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,926,551 shares of the technology company's stock valued at $99,333,000 after acquiring an additional 418,426 shares during the period. Fred Alger Management LLC raised its holdings in Blackline by 9.7% during the fourth quarter. Fred Alger Management LLC now owns 1,700,644 shares of the technology company's stock valued at $87,685,000 after acquiring an additional 150,078 shares during the period. Conestoga Capital Advisors LLC raised its holdings in Blackline by 1.2% during the first quarter. Conestoga Capital Advisors LLC now owns 1,548,212 shares of the technology company's stock valued at $81,451,000 after acquiring an additional 18,818 shares during the period. Finally, FMR LLC raised its holdings in Blackline by 16.5% during the fourth quarter. FMR LLC now owns 1,199,462 shares of the technology company's stock valued at $61,845,000 after acquiring an additional 170,205 shares during the period. 91.56% of the stock is currently owned by institutional investors and hedge funds.

The company has a quick ratio of 3.61, a current ratio of 3.61 and a debt-to-equity ratio of 1.01. The stock has a fifty day simple moving average of $73.26 and a 200 day simple moving average of $61.20. The firm has a market capitalization of $4.52 billion, a P/E ratio of -125.74 and a beta of 0.93.

Blackline (NASDAQ:BL) last released its quarterly earnings results on Thursday, April 30th. The technology company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.05. The business had revenue of $82.60 million during the quarter, compared to analysts' expectations of $79.54 million. Blackline had a negative return on equity of 2.61% and a negative net margin of 11.87%. The firm's revenue for the quarter was up 28.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.02 EPS. Research analysts anticipate that Blackline Inc will post -0.28 earnings per share for the current fiscal year.

Blackline Company Profile (NASDAQ:BL)

BlackLine, Inc provides financial accounting close solutions delivered primarily as Software as a Service in the United States and internationally. Its solutions enable its customers to address various aspects of their financial closing process, including account reconciliations, variance analysis of account balances, journal entry capabilities, and range of data matching capabilities.

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